Latest Ratios: P/E Ratio -1.7x · EV/EBITDA N/A · ROE -229.7%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $107M | $169M | $147M | $72M | $168M | $274M | $197M | $253M | — | — |
| Enterprise Value | $92M | $155M | $176M | $110M | $163M | $161M | $125M | $133M | — | — |
| P/E Ratio → | -1.65 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 68.89 | 109.60 | — | 71.74 | 33.62 | 18.27 | — | — | — | — |
| P/B Ratio | 2.49 | 4.06 | 11.17 | 4.28 | 2.53 | 2.43 | 1.37 | 2.20 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 100.11 | — | 109.75 | 32.59 | 10.70 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.6% | 92.6% | — | 100.0% | 100.0% | 100.0% | — | — | — | — |
| Operating Margin | -4041.7% | -4041.7% | — | -6109.8% | -1192.8% | -287.2% | — | — | — | — |
| Net Profit Margin | -4078.8% | -4078.8% | — | -5968.5% | -1167.8% | -285.7% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -229.7% | -229.7% | -277.6% | -143.6% | -65.3% | -33.5% | -38.7% | -185.0% | — | — |
| ROA | -66.7% | -66.7% | -55.1% | -79.7% | -60.1% | -31.8% | -36.6% | -52.2% | -40.1% | -29.3% |
| ROIC | -134.4% | -134.4% | -64.8% | -79.0% | -148.2% | -91.1% | -112.9% | — | — | — |
| ROCE | -74.9% | -74.9% | -62.2% | -89.6% | -65.8% | -33.5% | -39.2% | -58.3% | -43.5% | -31.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.40 | 1.40 | 4.17 | 3.09 | 0.04 | 0.01 | 0.01 | 0.00 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.35 | 2.24 | 2.27 | -0.08 | -1.01 | -0.50 | -1.04 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -16.28 | -16.28 | -10.59 | -22.37 | — | — | -69.85 | -22.30 | — | — |
Net cash position: cash ($73M) exceeds total debt ($58M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.01 | 8.01 | 9.10 | 10.11 | 11.70 | 17.55 | 24.14 | 14.71 | 19.42 | 17.17 |
| Quick Ratio | 7.96 | 7.96 | 9.10 | 10.11 | 11.70 | 17.55 | 24.14 | 14.71 | 19.42 | 17.17 |
| Cash Ratio | 7.58 | 7.58 | 8.58 | 9.13 | 10.52 | 16.85 | 23.11 | 14.39 | 18.97 | 16.77 |
| Asset Turnover | — | 0.01 | — | 0.01 | 0.07 | 0.13 | — | — | — | — |
| Inventory Turnover | 0.18 | 0.18 | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 828.21 | — | 1405.62 | 88.55 | 11.75 | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $84M | $62M | $43M | $42M | $42M | $29M | $16M | $24M | $24M |
Binary regulatory liquidity risk
Based on reported figures, MIST trades at a P/S multiple of 68.89, a valuation that appears to price in significant future commercial success rather than current operational reality, as the company lacks recurring revenue and remains entirely dependent on the timing of milestone-based licensing payments.
The elevated P/S ratio suggests that investors are assigning a high probability to the successful commercialization of etripamil, effectively ignoring the current lack of earnings. This valuation multiple warrants caution, as any delay in regulatory approval or a shift in market sentiment could lead to a significant contraction in the stock's price-to-sales premium.
According to recent financial statements, the company's ROIC has remained consistently negative, reaching -27.6% in 2026Q1, which underscores the structural inability of the current pre-commercial business model to generate returns on invested capital while clinical development costs continue to outpace licensing-related inflows.
The persistent decay in ROIC is a direct consequence of the massive R&D and clinical trial expenditures required to advance the etripamil pipeline. Investors should monitor whether the company can achieve a positive return on capital post-launch, as the current trend suggests that capital is being consumed rather than compounded.
As evidenced by the company's 2026Q1 data, the cash conversion cycle of -6873 days is an outlier that reflects the absence of a standard commercial operating cycle, where revenue is derived from lumpy milestone payments rather than the efficient management of inventory or accounts receivable.
The extreme volatility in DSO and DPO metrics suggests that the company's working capital management is currently dictated by the timing of partnership agreements rather than operational efficiency. This lack of a stable cash conversion cycle makes traditional efficiency benchmarking against commercial-stage peers largely irrelevant at this stage.
Based on recent SEC filings, the company's debt-to-equity ratio has risen to 3.81 in 2026Q1, indicating that management is increasingly relying on debt financing to bridge the gap between clinical trial costs and the eventual commercial launch of its lead cardiovascular asset.
The negative interest coverage ratio of -5.75 suggests that the company is not generating sufficient operating income to service its debt obligations, raising concerns about the sustainability of its current capital structure. Investors should monitor the potential for further dilutive equity raises to manage this mounting leverage.
Analysts frequently misapply traditional P/E and operating margin metrics to MIST, which obscures the reality that the company's -4041% operating margin is a function of pre-commercial R&D intensity rather than a failure of the underlying product's potential commercial unit economics.
Using standard profitability ratios for a pre-revenue biotech firm is misleading because it ignores the binary nature of the business model, where value is created through regulatory milestones rather than operational margin expansion. A more appropriate focus would be on the cash runway and the probability-weighted net present value of the etripamil asset.
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Quick answers to the most common questions about buying MIST stock.
Milestone Pharmaceuticals Inc.'s current P/E ratio is -1.7x. This places it at the 50th percentile of its historical range.
Milestone Pharmaceuticals Inc.'s return on equity (ROE) is -229.7%. The historical average is -139.0%.
Based on historical data, Milestone Pharmaceuticals Inc. is trading at a P/E of -1.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Milestone Pharmaceuticals Inc. has 92.6% gross margin and -4041.7% operating margin.